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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #108,821
  • Mar 15, 2012 6:13am Mar 15, 2012 6:13am
Quoting beebolbod
I have an EA which moves stops and takes profit according to lines you draw. You can take % at different levels and move stops as new levels are hit. You can adjust % profit taken at various levels etc.
Mt4 must be running for it to work is only condition....

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Quick instruction on using this with my GBPNZD trade as example.....

Drop the EA onto your charts.....this pops up...
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Then draw 2 horizontal lines (to start with) on chart, one for target and one for where that target will move your SL to.
Name them as follows.
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so when TARGET1 is hit your SL will move to where your STOPLOSS1 line is drawn.
You can do this for a few targets. Colour your lines black/white if you dont want to see them once drawn if you like (they can get messy).

I will incluede my charts with this triggering and how it looks once triggered (next post).
  • #108,822
  • Mar 15, 2012 6:22am Mar 15, 2012 6:22am
As in previous post... here it is in action.... markets playing my tune here and actually hitting my targets (just for you to see in action but i'll take the profits ).

Draw lines (in yellow) named as in above post.

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then when target is hit it does this...

notice my SL line has only moved a little - i should have made it more pronounced but you can see it moved. And the target line went green for visual cue we had a result.

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Play with it.... it's pretty simple and has it's uses.
  • #108,823
  • Mar 15, 2012 6:35am Mar 15, 2012 6:35am
So now it's just hit TARGET2 which i drew as an example and closed me out... be careful of the % you set (they can be off if you trade fractional lots as i do) as i didn't want to exit full position here but hey ho... full profit taken... nice trade
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you can see how its coloured the lines and all that stuff. Job done.
  • #108,824
  • Mar 15, 2012 6:42am Mar 15, 2012 6:42am
Crikey - i'll stop in a minute but meant to post this earlier.... I4B off 78.6 and RN. Cocked up the entry a bit here but its ok...

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  • #108,825
  • Mar 15, 2012 6:44am Mar 15, 2012 6:44am
Quoting dan89
update: price bounced off xx00 RN. Waiting on a retrace


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Update: just waitng on a PA signal now. could still be a while though ..

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  • #108,826
  • Mar 15, 2012 7:24am Mar 15, 2012 7:24am
price is winding up here, time to start watching this potential pattern closer

i LOVE consolidating markets. Not cause I like to trade IN them much, but outside of them. But if we do choose to trade inside them we have a wealth of information if we understand the market we are trading.
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  • #108,827
  • Mar 15, 2012 7:29am Mar 15, 2012 7:29am
one that is more close to the area to watch.

Simple lines we want to use. They always tell the strongest story
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  • #108,828
  • Mar 15, 2012 8:34am Mar 15, 2012 8:34am
One on my watch list
Nice pivot on weekly, 88. RN, double top, div., let's wait how daily close
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  • #108,829
  • Mar 15, 2012 8:36am Mar 15, 2012 8:36am
Hi Bee, do you mind sharing the indy you mention in your post. How does it actually work?

Quoting beebolbod
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Actually do people mind me including charts with supply/demand zones (drawn by indi)? I use it for confluence.
  • #108,830
  • Mar 15, 2012 8:47am Mar 15, 2012 8:47am
Quoting gasgas
One on my watch list
Nice pivot on weekly, 88. RN, double top, div., let's wait how daily close
yep been watchin this one now for a few days on the 4hr
  • #108,831
  • Mar 15, 2012 8:47am Mar 15, 2012 8:47am
Quoting dan89
Update: just waitng on a PA signal now. could still be a while though ..

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rejected off the 61 % fib
  • #108,832
  • Mar 15, 2012 8:49am Mar 15, 2012 8:49am
Quoting esbatu
Hi Bee, do you mind sharing the indy you mention in your post. How does it actually work?
I will post once, but this is J16 thread and I operate PA at S&R + confluence - that's the CRUX of my trading, as taught by legends. I am a novice. All indi's are just code. WE are the controllers of the trigger. This indi isn't perfect, i use it as a heads up only. I should probably remove from my charts when posting here to avoid confusion. Rant complete. Sorry.

Attached File(s)
File Type: mq4 II_SupDem.mq4   29 KB | 555 downloads
  • #108,833
  • Mar 15, 2012 8:52am Mar 15, 2012 8:52am
hmm ... possible short soon ... would like to see a clear break and retest


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  • #108,834
  • Mar 15, 2012 9:36am Mar 15, 2012 9:36am
Great example of wrestling for direction control. I didn't trade it but i like how it plays out. Sandwiched in EMAs and fib levels and running RIGHT through the middle is a RN. Great PA.
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  • #108,835
  • Mar 15, 2012 9:47am Mar 15, 2012 9:47am
Quoting dan89
Update: just waitng on a PA signal now. could still be a while though ..

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Hey Dan ,
I remember what Mike said to me recently about a setup like this one - "it has to be more developed" . This means a third touch to the trendline for example to confirm it . Not that it's not valid this way , but it's a game of increasing the probabilities. When we have more confluence factors (more touches , ppz's , brn , fibs , etc. ), probabilities go in our favor
  • #108,836
  • Mar 15, 2012 9:47am Mar 15, 2012 9:47am
Hi Bee, thanks for sharing. But it did not work on my MT4. I put it in the indicator folder, and it didn't show up. I can only see the indy on the navigator window. But when I attach it to the chart, nothing happen.

Yes I agree with you, that indy are only compliment to our system. No indy in the world can replace what is taught here.

Quoting beebolbod
I will post once, but this is J16 thread and I operate PA at S&R + confluence - that's the CRUX of my trading, as taught by legends. I am a novice. All indi's are just code. WE are the controllers of the trigger. This indi isn't perfect, i use it as a heads up only. I should probably remove from my charts when posting here to avoid confusion. Rant complete. Sorry.

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  • #108,837
  • Mar 15, 2012 9:52am Mar 15, 2012 9:52am
Quoting esbatu
Hi Bee, thanks for sharing. But it did not work on my MT4. I put it in the indicator folder, and it didn't show up. I can only see the indy on the navigator window. But when I attach it to the chart, nothing happen.

Yes I agree with you, that indy are only compliment to our system. No indy in the world can replace what is taught here.
hmmm sorry, have a look for it on the interweb, it's out there.
  • #108,838
  • Mar 15, 2012 9:53am Mar 15, 2012 9:53am
Quoting Rust
Hey Dan ,
I remember what Mike said to me recently about a setup like this one - "it has to be more developed" . This means a third touch to the trendline for example to confirm it . Not that it's not valid this way , but it's a game of increasing the probabilities. When we have more confluence factors (more touches , ppz's , brn , fibs , etc. ), probabilities go in our favor
Yeah just put the lower trendline on there to see what happens around that area as price is now retesting. still looking to short if decent enough PA comes about.
  • #108,839
  • Mar 15, 2012 10:02am Mar 15, 2012 10:02am
Quoting PhAnTi'
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i will enter short if we get a bearish engulfing outside bar today,

lets c

Jonas.
Hero calls followed by margin calls...
  • #108,840
  • Mar 15, 2012 10:09am Mar 15, 2012 10:09am
Quoting beebolbod
hmmm sorry, have a look for it on the interweb, it's out there.
It's okay. I have found it through google and got the version that works with my MT4. Thanks for sharing it in this thread though. Now will see how it works
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